New Marketplace on the block!

Facebook introduces Marketplace

In the internet world where everyday a new innovation takes birth, social platforms like Facebook needs to keep improvising & giving something to engage to its users. One of the major reasons for success of Facebook is the simple & most effective way of letting you communicate with your friends & building a network with people having similar interests. 

There is no denying that Facebook has a strong sustainable strategy. And just when you feel you don’t need Facebook in your life you’ll hear the news of a new feature, a new tie-up, or a new marketplace to buy and sell items with your local community.

Sounds familiar?

No Facebook hasn’t acquired Craigslist, Quikr or OLX.

Introducing Marketplace by Facebook – where you can discover, buy & sell items with your local community.

Marketplace is designed to help users easily find new items to buy and also sell items they no longer need. Its beta version has been launched in US, UK, Australia & New Zealand on mobile & eventually new features will be added.

Marketplace will be a big competition to Craigslist & has a better chance of growing faster. We can say this for more than one reason;

  1. Real time purchase on the tool which will make a user’s decision making power just as quick. 
  2. Search by location feature will allow users to get their desired items from locations closer to where they are thus reducing the effort. 
  3. Category wise browsing making sure that you get a flavour of browsing an e-commerce site while being within the Facebook platform. 
  4. Access to basic information of the seller while browsing through items will help identify a genuine seller. 
  5. Facebook messenger that’ll help make  direct & quick communication with the seller. 
  6. Allows you to make an offer which also leaves some opportunity to negotiate. 
  7. Allowing you to save any search or any specific item for future reference in case you’re not sure about a purchase at that moment. 
  8. Allowing you to share posts anywhere else on Facebook making you get more visibility & reach. 

One of the major drawbacks is that Facebook does not allow you to pay right now from within the Marketplace tool. But we’re certain about payment integration with messenger which will soon be a part of it.

Also, at present the site won’t allow buyers or sellers to rate or review each other. Ratings have a direct affect on any conversion & these are important especially for same types of products. What Facebook also needs to work on is the privacy policies & security. In the beta version users started selling drugs and adult services. This was noticed later & Facebook claimed that this was a technical issue.

Well we still don’t know the exact modus operandi of the Marketplace in terms of margins that Facebook will charge its users basis to listing or on actual sales. However, one thing is for sure this will only add to Facebook’s revenue. Considering Facebook’s reach (1.71 billion monthly active users) and the ever growing data base on desktop and mobile, this feature will certainly give huge advantage to them over its competition. 

Image Source – newsroom Facebook

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